Like everything it has touched, the COVID-19 crisis has had devastating impacts on the real estate market and the economic health of American cities. But, some urban centers may show greater resiliency than others post-pandemic, says Tim Riddiough, the James A. Graaskamp Chair in Real Estate and a professor of real estate and urban land economics at the Wisconsin School of Business.
Older, densely populated cities with higher tax bases like New York City and San Francisco may not recover as quickly as less dense locales such as Dallas and Las Vegas, Riddough says. Even with Las Vegas’ shuttered casino economy, the city may stay relatively healthy given the influx of new residents to Nevada from California and other states. “In ten years, it’s going to have a very different economy and a more diversified base than it has now.”
Riddiough shared these and other insights during the virtual series, “The UW Now Livestream: The Future of Cities.”
He was joined by fellow University of Wisconsin–Madison faculty experts Paul Robbins, dean of the Nelson Institute for Environmental Studies, and Alfonso Morales, professor of planning and landscape architecture. The live YouTube event was hosted by Mike Knetter, president and CEO of the Wisconsin Foundation and Alumni Association (WFAA) and former WSB dean. Read the WFAA recap and watch the full video:
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